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Non Price Determinants

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Non price determinants are factors such as income of customers, number and price of substitute goods, and which determine demand of good. The major non-price determinants of demand are: (1) income, (2) tastes and preferences, (3) the price of related goods, (4) changes in expectations of future relative prices, and (5) population (ie, market size). a) Substitute Goods David Beg says that Price rise for one good increases the demand for substitutes of this good. Substitutes: a change in the price of one causes a shift in demand for the other in the same direction. Rice has various substitute goods such as buckwheat, meat, beans, wheat, barley and etc. Due to these plenty of substitutions, demand of rice should be quite elastic, but it is not so due to the tradition of the body politic of Japan. …show more content…

Inflated land prices, restrictions on rice production and the high cost of Japan’s highly mechanized

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